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UAE remittance firms may move behind the scenes as AI, blockchain reshape services - Khaleej Times

Khaleej Times · · Notable

Finance Product Policy Infrastructure Arabic AI

Summary

AI and blockchain technologies are expected to significantly reshape the remittance sector in the UAE, potentially moving traditional remittance firms to operate primarily as behind-the-scenes service providers. This transformation aims to enhance efficiency, reduce costs, and improve the security of cross-border financial transactions. The shift suggests a move towards more integrated and technologically driven financial services within the region. Why it matters: This development highlights the UAE's ongoing commitment to digital transformation and the integration of advanced technologies like AI and blockchain into critical economic sectors, impacting financial service delivery and innovation.

Keywords

UAE · Remittance · AI · Blockchain · Financial Services

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